Depositing Funds

Responsible position(s):

• Cashier
• Bursar

Required documents and access:

• Checks and cash from approved cashier sessions

Frequency and timing:

• Daily

Steps:

• Remote capture deposit checks (not currently in use).
• Prepare deposit slips for checks, cash, and coins and scan a copy for with the cashier session documentation.
• Secure cash and coin deposit in a lock bag in the safe until deposited at the bank.
• Deposit cash and coin deposits daily.

Processing Returned Checks and Electronic Payments Responsible position(s):

• Bursar

Required documents and access:

• Notice of NSF checks or returned electronic payments from payment processors

Frequency and timing:

• Daily, as returns are received

Steps:

• Post return to student or grantor account.
• Post charge for return payment fee to student or grantor account.
• Place accounting a financial hold on student or grantor account.
• Notify student or grantor of returned payment, fees charged, and appropriate methods of restitution – cash, certified/cashier's check, money order, credit card payment, or EFT.
• Post restitution payments following procedures above for posting payments.
• Release hold from student or grantor accounts.
• Notify student that restitution has been received and hold has been released.